Business Update – 28 June 2023

Business Update – 28 June 2023

Business Update

Welcome to our Monthly Digest – stay in the know with some recent news updates relevant to business and the economy.

Small business skills and training boost

Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction for external training courses delivered to employees by registered training providers.  The boost applies to eligible expenditure incurred from 29 March 2022 until 30 June 2024. Check if you can claim a 20% bonus deduction on certain eligible training expenditure for your employees.

Can Australia dodge a recession?

Australia has been able to dodge a technical recession for almost three decades – but our luck could be about to run out. In recent weeks, the outlook for the Australian economy has turned decidedly more stormy, as commentators and even some of the big four banks see an increasingly likely possibility of a recession on the horizon.

How to save on insurance as Australian firms hike premiums by up to 20%

If your car or home insurance is due for renewal, prepare for a shock. Many insurers are applying double-digit price hikes to premiums, significantly outpacing inflation. Check on ways you could save on insurance.

Almost 950,000 Aussies working two jobs to combat cost of living crisis

According to the Australian Bureau of Statistics, almost 950,000 Australians are working multiple jobs.  Australians are jumping onto that side hussle to help combat the rising cost of living.

Many small businesses ‘shutting down’ amid rising costs

Many small businesses are struggling. Small Business Women Australia Founder Amanda Rose highlights how many businesses around Australia are struggling to make ends meet amid rising electricity and supply costs.

ATO expands data matching to ensure fair play

The ATO has expanded its data matching program to catch taxpayers who leave out income or inflate deductions. New data is being collected from property managers, landlord insurance providers, financial institutions for residential investment properties and sharing economy providers.

Suncorp forced to pay back $32 million to underpaid employees

Suncorp’s insurance arm paid $32m to over 15,800 underpaid staff for not paying them the minimum wage. Read More

More Australian businesses are embracing Essential Eight

More Australian businesses are adopting the Essential Eight, a set of cybersecurity strategies developed by the Australian Signals Directorate. These strategies are designed to protect businesses from cyber threats and reduce the risk of data breaches. The strategies are being adopted by businesses of all sizes, from small to large.

7 Unofficial indicators that could help us make sense of the economy

Can these seven unofficial indicators help people understand the economy? A light hearted look at these indicators including Big Macs, Champagne, Lipstick, Men’s underwear, Library Visits, Christmas, and even the iconic Sausage sizzle.

Cars and tax

The ATO provides information on how to claim car expenses for business use. It outlines the different methods of calculating car expenses, such as the cents per kilometre method, and provides information on how to keep records and what to include in tax returns.

Employee or Contractor? Why not knowing the difference can put you in ASIC firing line

Employers must be aware of the differences between employees and contractors to avoid compliance risks with the Australian Securities and Investments Commission (ASIC). Employers must ensure they are aware of the legal requirements and obligations for each type of worker, and must ensure they are compliant with the relevant laws.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

 

 

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